WTI Crude Declines After U.S. Gasoline Supplies Rise
West Texas Intermediate declined after inventories of gasoline expanded for a third week in the U.S., the world’s largest oil consumer. Brent fell in London.
Futures decreased as much as 0.4 percent in New York after rising 0.7 percent yesterday. Gasoline stockpiles expanded by 3.38 million barrels, compared with a projected gain of 1 million, according to an Energy Information Administration report yesterday. Crude stockpiles at Cushing, Oklahoma, the biggest U.S. oil-storage hub, dropped by 1.45 million barrels to 18.8 million, the least since November 2008, the report showed.
“High refinery runs in the U.S. are translating into a gasoline stock build as we are starting to look at the end of the gasoline season,” Olivier Jakob, managing director at Petromatrix GmbH in Zug, Switzerland,
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